HOUSTON--(BUSINESS WIRE)--
Whitestone REIT(NYSE - WSR “Whitestone”), a fully integrated
real estate company that owns, operates and re-develops Community
Centered PropertiesTM, which are visibly located properties
in established or developing culturally diverse neighborhoods, announced
today the exercise of the underwriters’ over-allotment option to
purchase 630,000 of the Company’s common shares. The over-allotment
option was exercised in connection with Whitestone’s public offering,
which priced on August 23, 2012. Including the over-allotment shares, a
total of 4,830,000 common shares were sold at a price to the public of
$12.80 per share. Total net proceeds to Whitestone from the offering,
including the over-allotment shares and after deducting the underwriting
discount and estimated offering expenses, were approximately $58.59
million. The sale of the over-allotment shares closed on August 31, 2012.
Robert W. Baird & Co. Incorporated and JMP Securities LLC are joint
book-running managers of the offering. Ladenburg Thalmann & Co. Inc., a
subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS),
and Wunderlich Securities, Inc. are co-lead managers for the offering.
Maxim Group LLC, J.J.B. Hilliard, W.L. Lyons, LLC and Southwest
Securities, Inc. are co-managers for the offering.
The offering is being made pursuant to Whitestone’s existing effective
shelf registration statement, previously filed with the Securities and
Exchange Commission. The offering of these securities is made only by
means of a prospectus supplement and accompanying base prospectus. A
copy of the prospectus supplement and accompanying base prospectus may
be obtained by mail to Robert W. Baird & Co. Incorporated, Attention:
Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, by
telephone at 800-792-2413 or by emailing syndicate@rwbaird.com;
or by mail to JMP Securities LLC, Attention: Prospectus Department, 600
Montgomery Street, 10th Floor, San Francisco, California 94111, or by
telephone at (415) 835-8985.
This press release is not an offer to sell, nor a solicitation of an
offer to buy securities, nor shall there be any sale of these securities
in any state or jurisdiction in which the offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a fully integrated real estate company
that owns, operates and re-develops Community Centered PropertiesTM,
which are visibly located properties in established or developing
culturally diverse neighborhoods. Whitestone focuses on value-creation
in its Centers, as it markets, leases and manages its Centers to match
tenants with the shared needs of surrounding neighborhoods. Operations
are structured for providing cost-effective service to local
service-oriented smaller space tenants (less than 3,000 square feet).
Whitestone has a diversified tenant base concentrated on service
offerings including medical, education, and casual dining. The largest
of its over 950 tenants comprises less than 1.5% of its rental revenues.
Headquartered in Houston, Texas and founded in 1998, Whitestone is
internally managed with a portfolio of commercial properties in Texas,
Arizona, and Illinois.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking
statements,” including with regard to the Whitestone’s securities
offering and the anticipated use of the net proceeds. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. No assurance can be given that
the securities offering discussed above will be completed on the terms
described, or at all, or that the net proceeds of the offering will be
used as indicated. Completion of the securities offering on the terms
described, and the application of net proceeds, are subject to numerous
conditions, many of which are beyond the control of Whitestone
including, but not limited to, the status of the economy and the status
of capital markets. See the Risk Factors sections of Whitestone’s
prospectus supplement and accompanying base prospectus, as well as
periodic reports and other documents filed with the Securities and
Exchange Commission (“SEC”) for a discussion of these factors. Copies
are available on the SEC's website,www.sec.gov.
Except as required by law, Whitestone undertakes no obligation to update
these statements for revisions or changes after the date of this release.
Whitestone REIT:
Anne Gregory, 713-435-2221
Vice
President Marketing & Investor Relations
ir@whitestonereit.com
Source: Whitestone REIT